Tag Archives: business

Support National Entrepreneurship Week

This past weekend was a busy one with Valentine’s Day and President’s Day happening back to back. But did you realize there was another day this past weekend? Saturday kicked off the start of National Entrepreneurship week.

Having taught aspiring entrepreneurs for some years now, National Entrepreneurship Week is not new to us. But we realize a lot of folks probably didn’t know there was an entire week where organizations across the country held events to support and celebrate entrepreneurs in their communities and provide resources to help emerging entrepreneurs.

So how will you show your support? Will you make a special effort to shop with entrepreneurs in your local community or simply show them love on social media by liking and sharing their posts? Whatever you decide to do, remember that now more than ever they are a key part of the economy. Last year caused a dynamic shift in the way many businesses operated resulting in losses for many and gains for some. However supporting local entrepreneurs helps them and helps your community in that as they expand they are able to create jobs for others.

So what are we at ECV Talks doing to support National Entrepreneurship Week? We’re hosting a FULLY LIVE & FREE Entrepreneurship class this Saturday, February 20th at 6 PM EST. Why is it special that it’s fully live? Well we started this Entrepreneurship week with a video replay of our first virtual version of this Entrepreneurship master class so that Ms. ME herself could be in the chat answering questions. But this coming Saturday we’re dropping the reformatted master class with the latest tips you need to save your side-hustle or escape to entrepreneurship.


So Reserve Your Spot TODAY! This is the last time this class will be offered for a few months as we begin our next small group session of our Escape to Entrepreneurism 6 week course. Want more info about the course? Come to the free class and ask questions. We’ll see you there!

Passive Income: How It Works

What if there were a way to increase your cash flow without starting a second job, changing careers, or getting a raise?

If you’re like many, that sounds exactly like what you and your family need! Who wouldn’t want some extra money coming in? It might seem like pie in the sky, but it’s not a fantasy.

Earning a passive income is more achievable than you might realize. Read on to discover how passive incomes work, what makes them so advantageous, and common ways to create them.

In general, a passive income is cash flow that requires little to no regular effort to create and maintain.

That’s not to say that they don’t require work. But the labor involved in opening a passive income stream is normally upfront—you spend time and/or money in the beginning to set up the income stream, then sit back and reap the rewards as time goes on.

It’s an advantageous model because it can potentially free up your time—which is the most valuable resource you have.

But be warned—not all opportunities to create passive income are created equal. Here are a few proven strategies for you to consider!

Create digital products. EBooks, online courses, stock photos, and stock music are all passive income generators. They require initial time investments to create and publish, but then earn you money as users buy them over time.

Rent out property. Renting is a classic source of passive income. It requires money upfront to buy the property—and maybe time and more money for renovations. But once rent starts coming in, they’re income sources that don’t require your daily attention. (Note: Becoming a landlord may have other costs involved, like repairs or replacing old equipment or appliances.)

Build a team of sales professionals. This is the hidden gem of passive income. There’s a starting commitment of time to learn about your market and how to close sales. Then you’ll need to create a team of salespeople. Every time they make a sale, you earn a portion of the profit. Once you’ve mastered the basics, the sky’s the limit for how much passive income you can potentially earn!

If having a passive income stirs your interest, let us know. Register for our FREE class this Saturday, February 13th at 2:30 PM EST to get ideas for your passive income opportunity and what things need to be part of your plan. Afterwards if you’re interested you can get a FREE review of your financial position, skills, and the opportunities available and see which one might work best for you!

Really we’re offering both of these items for free, no catch. Of course we’d love it if you find out that our first course offering is a great fit for you, but even if it isn’t you’ll still be eligible to get the free review. So go ahead and register and tell a friend or three!

Simple Side Gigs

Side gigs should be simple.

They’re not usually meant to consume hours of your time each week or distract you from your main source of income. Fortunately, right now we’re in a side gig golden age. There are dozens of opportunities just a tap or click away. Here are a few simple side hustle ideas that might make you a few extra bucks without sacrificing all of your free time!

Photo by Negative Space on Pexels.com

Freelance writing
Working as a freelance writer can be a simple, efficient way of turning your prose prowess into cold, hard cash. Powerful and persuasive writing is of top importance in the information age, and there are plenty of people and companies that are willing to pay writers for quality content. Look for opportunities to write about your favorite hobbies and interests. It’s an easy way to combine your personal passions with making a little extra each month.

Photo by Katerina Holmes on Pexels.com

Private tutoring or lessons
Do you have a hidden talent? Maybe you’re a secret chef, a low profile ping pong wizard, or a late night guitar hero. You might be surprised by how much people will pay for your insights and guidance—certain video game coaches can make between $10 to $140 per hour, depending on their skill level! The beauty of this gig is that it doesn’t take tons of leg work to get started. You already have the skills and your client base can be from your local community. Just plot out a curriculum, set a price for your services, and get the word out!

Photo by Norma Mortenson on Pexels.com

Delivery driver
Rideshares have become icons of the side-hustle economy. But ferrying strangers to and from bars on the weekends isn’t the only way to make some extra cash with your car. There are plenty of startups and companies that need drivers. That might mean delivering food for a local restaurant chain or dropping off packages for a more established company. Do some sleuthing on what’s available near you and what demand looks like in your area. Since the pandemic, demand for drivers has increased dramatically in many areas.

The beauty of these gigs is that they’re built on skills and tools that you already have. Put in the leg work to get things started and you might just find yourself with a dependable extra income stream!

Opportunity Cost and Your Career

“Opportunity cost” refers to what you can potentially lose by choosing one option over another – even when you aren’t thinking about it.

Nearly every choice you make precludes something else that might have been.

Opportunity cost exists in everything from relationships to finances to career choices, but here we’ll focus on that last one. Over a lifetime, the cost of career decisions can be massive.

numbers money calculating calculation
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The math
For opportunity costs that can be measured, usually in dollars, there’s even a math equation. (FYI, Ms. ME spent a few years as a Mathematics instructor.)

What I sacrifice / What I gain = Opportunity cost[i]

Let’s say you have two career choices. One is to work as a mechanic at $50 per hour and the other is to work as a karate instructor at $20 per hour.

Opportunity A / Opportunity B = Opportunity cost

Here it is with numbers: $50 / $20 = $2.50

To translate that, for every $1 you earn as a karate instructor, you could have earned $2.50 as a mechanic. The ratio remains the same whether it’s for one hour worked or 1,000 hours worked because it’s based on earnings per hour.

round silver colored wall clock
Photo by Oladimeji Ajegbile on Pexels.com

Adding a time element
We can only work a certain number of hours in a week and we can only work for a certain number of years in a lifetime. Adding time into the discussion doesn’t change the math relationship between the opportunities but it does recognize real-world constraints. Sometimes these limits are by choice. You could be both a full-time mechanic and a full-time karate instructor, but most people don’t want to work 80 hours per week. Something has to give, and that’s where considering opportunity cost comes in.

If you only want to work 40 hours in a week, you’ll have to choose one career over the other or split your time between the two. But even in splitting your time, there is an opportunity cost. Think about it like this: Every hour spent in a lower paying job costs money if you had an opportunity to earn more doing something else.

The bigger picture
In our example using the mechanic vs. the karate instructor, the difference in annual income is over $60,000 per year ($104,000 minus $41,600). Over a 40-year working career, the difference in earnings is nearly $2.5 million, and it all happened one hour at a time.

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Life balance
Your career choice shouldn’t just be about money – you should do something you enjoy and that gives you satisfaction. There may be several other considerations as well – like opportunity to travel, the kind of people you work with, and the greater contribution you can make to the world. However, if there are two choices that meet all your criteria but one pays a bit more, just do the math!

Strange as it may sound thanks to Covid-19 and everything else that happened in 2020 many people are doing the math and reevaluating what they want to do with their lives. For some, reconnecting with a long lost passion as a side gig or even a full leap into entrepreneurship is the direction that they are considering to achieve their desired level of wellness. If you’re in this category, tell us in the comments below. 🔻

[i] https://blog.udemy.com/opportunity-cost-formula/

Entrepreneurship Master Class

So this post should have been scheduled earlier today…but it wasn’t typed. I (Ms. ME) should have done far more marketing for the entrepreneurship master class I just held. To be honest, I kind of phoned it in, right down to the replay of one of my earlier classes from this year (see e2E launch below).

But enough of what I did wrong…here’s what I did right.

I didn’t press play and walk away. I actually put myself back through my own class. If you haven’t seen it, I won’t spoil anything here so you’ll be incentivized to sign up for the next free class happening on February 13th. What I will say is that it reminded me of the things that I need to be doing, even when I don’t feel like it to keep this and my other businesses going & growing. It reminded me why I took so many years to come back to this entrepreneur lifestyle and how rewarding and freeing it has already been this year.

Is that to say it hasn’t been nerve-racking at times? No, but it also depends on how I choose to look at it. The tedium of employment had driven me to a low point that I don’t want to revisit. So I have to accept the occasional thrill of “will she or won’t she” until my motivation returns to its past level when I juggled parenthood, college, and entrepreneurship. Or I can take my own advice from the master class…

Photo by Katerina Holmes on Pexels.com

At any rate here are a few tips on starting your own business (some are similar to my master class) that I’ll share from an ABC story back in 2011 that still has relevance:

  • Know why you want to start a business
  • Create a simple business plan
  • Nail your target customer
  • Go out and get customers

There are more tips in the article, seven to be exact. But as I and so many others are proof of, tips and knowledge are necessarily always enough without sufficient motivation or support. That’s part of the reason I created my course. So often while teaching teens and young adults how to start businesses, I’d hear from their adult guardians that they wish they not only had the knowledge but the support I provided my students.

So the key difference of this course in what I see as a series of at least three courses is the support group, for now located on Facebook, Entrepreneurs Creating Value. In my over a decade of working in education, I’ve truly come to appreciate that while the educator may direct the class, all of the instruction does not come from that educator. Goes back to that concept of ‘each one, teach one’ that I first heard in one of my college classes.

Of course at the end of the day everyone who enrolls in an online course is looking for the instructor’s feedback, which I provide on the schedule we’ve agreed upon based on our consultation prior to enrollment. However when it comes to tips 3 and 4 from above, I find the more people you have available to pick their brains the quicker you travel the path to identifying and reaching your target customer for your new business. Instead of bugging family and friends who may not fit that profile or worse yet may not want to support you in your escape for the employee lifestyle that they are too afraid to leave behind, crowd-sourcing the information you need in addition to individual research is a better path.

But what do you think? If you’re thinking about starting a business do you prefer one-on-one, having a group to bounce ideas off of, or both? Share below.